India's corporate tax collections this year have grown by a 'robust' 34% by July 31, compared with a year earlier, the Income Tax Department said on Friday, without sharing the exact tax revenues during the period.
Noting that the simplified tax regime with low rates and no exemptions had lived up to its promise, the department cited corporate tax collections during 2021-22 which had grown 58% year-on-year to ₹7.23 lakh crore. These collections, it noted, were 9% higher than pre-COVID levels of 2018-19.
"The positive trend of growth continues, but for the overall impact of the COVID-19 pandemic during FY 2020-21, when the corporate tax collections took a temporary hit," the department said in a series of tweets. The statements assume significance amid Opposition parties' charges of the government favouring corporates while seeking a debate on freebies announced by State governments.
